TaxTMI 
TaxTMI 
2024 (7) TMI 1216
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....rence from the Board for Industrial and Financial Reconstruction, which gave its opinion under Section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, that it is just and equitable that the company - M/s. Moradabad Syntex Ltd., should be wound up. 3. From a perusal of the record, and as stated in the instant application, the company (in liquidation) was ordered to be wound up vide order dated 19.07.2012 and the Official Liquidator attached to this Court was appointed as its Liquidator. 4. As per the records maintained by the Registrar of Companies, the following persons are shown as the Directors of the company (in liquidation): (i) Sh. Arun Kumar Sarup,Ram Bagh, Muzaffar Nagar, Uttar Pradesh (ii) Sh. Dharambir ....
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....n below: S. No. Name of the Claimant Claimed Amount Claim Admitted Remarks 1. Employees Provident Fund Organisation (EPFO), U.P. Rs. 2,50,78,651/- Rs. 2,50,78,651/- The entire amount was paid to the EPFO by way of RTGS on 26.12.2014, pursuant to order dated 25.11.14 2. Income Tax Rs. 644.08 lacs Rs. 644.08 lacs On a pro-rata basis, an amount of Rs. 60.11 lacs was disbursed against the claim made and admitted. 3. Electricity Distribution, Division-I, Paschimanchal Vidyut Vitran Nigam Ltd., Moradabad, U.P. (U.P. Power Corporation) Rs. 125.56 lacs Rs. 125.56 lacs Pro-rata share of Rs. 11.72 lacs was disbursed. 4. Commercial Tax Department Moradabad, U.P. (Sale Tax) Rs. 130.40 lacs Rs. 130.40 lacs A sum of Rs. 12.17 lac....
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....und up or the court finds that the Official Liquidator cannot proceed with the winding up of the Company for want of funds or for any other reason, the court can make an order dissolving the Company from the date of that order. This puts an end to the winding up process." 11. It would also be apposite to consider Section 481 of the Companies Act, 1956, which provides for the dissolution of a company, the relevant portion of which reads as under: "Section 481. Dissolution of Company. (1) When the affairs of a company have been completely wound up or when the Court is of the opinion that the liquidator cannot proceed with the winding up of a company for want of funds and assets or for any of the reason whatsoever and it is just and reas....